NEW YORK CITY — Marcus & Millichap has brokered the $6 million sale of a five-story, five-unit apartment building located at 83 Warren St. in Manhattan’s Tribeca neighborhood. Matt Fotis and Colton Traynham of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company, in the transaction. Both parties requested anonymity.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $8.8 million sale of a 24-unit apartment building located at 109 Ludlow St. on Manhattan’s Lower East Side. The six-story building houses one-, two- and three-bedroom units, as well as two retail spaces. Michael Tortorici and Shimon Shkury of Ariel Property Advisors represented the buyer in the transaction. Michael DeCheser and Bryan Hurley of Cushman & Wakefield represented the seller. Both parties requested anonymity.
After massive bank runs earlier this month, the Federal Deposit Insurance Corp. (FDIC) took the reins at two regional banks, Silicon Valley Bank based in Northern California and New York City-based Signature Bank. First Citizens Bank has since agreed to acquire the assets of Silicon Valley Bank. According to the FDIC, 2023 already represents the largest year in bank failures in terms of total assets ($319.4 billion combined between the two banks) since 2008, when 25 banks failed (representing $373.6 billion in total assets). “In a very short timeframe, we’ve now seen two of the biggest bank failures on record, the biggest one of course being Washington Mutual back in September 2008,” said Matt Anderson, managing director of Trepp, a New York-based data analytics firm. “We are in a very fraught period right now. Nerves are very frayed at the moment seeing two large bank failures in quick succession.” The comments came during a Trepp-hosted webinar titled “Bank Turmoil and What it Means for CRE & Capital Markets” on Friday, March 24. The three-person webinar featured panelists Anderson and Dr. Stephen Buschbom, research director at Trepp. Lonnie Hendry, the firm’s senior vice president and head of commercial real estate and …
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $16 million sale of a 47-unit apartment building located at 153 Norfolk St. on Manhattan’s Lower East Side. The six-story, elevator-served building houses one- and two-bedroom units. Michael Tortorici and Shimon Shkury of Ariel Property Advisors represented the buyer in the transaction. Michael DeCheser and Bryan Hurley of Cushman & Wakefield represented the seller. Both parties requested anonymity.
NEW YORK CITY — Foot Locker will close more than 400 underperforming stores as part of its “Lace Up” plan, which was announced during a recent call with investors. According to Tony Aversa, senior vice president of global store development, the move is part of a strategy to manage portfolio risk by way of strategic closures. The New York City-based shoe retailer currently operates 2,700 stores, which will be reduced to approximately 2,400 by 2026, a number that also reflects the planned addition of stores in new formats. Despite the closures, Foot Locker intends to increase its aggregate brick-and-mortar footprint by roughly 10 percent to 14.5 million square feet by 2026. Foot Locker will also shift to a focus on off-mall stores, with the goal of having off-mall locations comprise more than 50 percent of its real estate portfolio by 2026.
NEW YORK CITY — Northmarq has arranged a $26 million loan for the refinancing of an 11-story, 90-unit apartment complex in East Harlem. Chuck Cotsalas and Robert Delitsky of Northmarq arranged the financing though Nationwide Life Insurance Co. on behalf of the undisclosed borrower. The loan carried a 20-year term, 25-year amortization schedule and a fixed interest rate of 5.4 percent.
NEW YORK CITY — Walker & Dunlop’s capital markets team has arranged $94 million in construction financing for the development of College Point Logistics Center in the College Point neighborhood of Queens, just across Flushing Bay from LaGuardia International Airport. A joint venture between Wildflower Ltd. and Drake Real Estate Partners is developing the project, with construction costs estimated at $146 million. College Point Logistics Center will be a ground-up warehouse and structured parking facility. The property will feature 81,000 square feet of rentable industrial space, as well as 160,000 square feet of enclosed parking across two floors and 68,000 square feet of surface-level parking. Wildflower designed the project with ground-floor warehouse space and multi-story parking to maximize the project’s efficiency and meet the needs of modern industrial and logistics tenants. College Point Logistics Center is located alongside the Whitestone Expressway, making it accessible to LaGuardia and John F. Kennedy International Airports, the New York and Atlantic Railways and the Red Hook Container Terminal. Development of the facility is scheduled for completion in the second quarter of 2024. Jonathan Schwartz, Aaron Appel, Mo Beler, Ari Hirt and Triston Stegall led the Walker & Dunlop team in securing the floating-rate loan on behalf of …
BRIGHTON, N.Y. — Whole Foods Market will open a 50,000-square-foot store in the upstate New York community of Brighton on April 12. The location at 2740 Monroe Ave. will be the first in the Rochester area for the Texas-based grocer. The store will offer more than 500 locally sourced items and will feature full-service meat and seafood counters, a bakery, prepared foods section, a selection of more than 200 craft beers.
NEW YORK CITY — A partnership between two locally based investment firms, RFR and Waterfall Asset Management, has acquired a 33,000-square-foot retail condo located at 2139–2159 Broadway in Manhattan. The space comprises seven suites, several of which are currently vacant, and is situated within The Astor residential building on the Upper West Side. The seller and sales price were not disclosed.
UTICA, N.Y. — Axiom Capital Corp. has arranged $25.3 million in construction-to-permanent financing for a three-story, 76,393-square-foot medical office building that will be located in the upstate New York community of Utica. The facility will house lab, imaging and private practice office space, as well as a pharmacy, ambulatory surgery center and onsite parking. The loan was structured with a 10-year term and two years of interest-only payments. The direct lender and borrower were not disclosed.